Bitcoin surged above $71,000 despite rising geopolitical tensions in global markets. Gaining over 6% in the last 24 hours, the leading cryptocurrency has revitalized not only the crypto market but also global financial circles. This surge is particularly noteworthy given the increased tensions in the Middle East and uncertainty in the energy market.
According to market data, Bitcoin reached its highest level in about a month, surpassing $71,000 during European trading hours. During the same period, major crypto assets such as Ethereum (ETH), XRP, and Solana (SOL) also gained between 4% and 6%.
Bitcoin Resilience Amid Geopolitical Crisis
This rise in Bitcoin occurred under the shadow of rising tensions in the Middle East. Iran's blocking of oil shipments through the Strait of Hormuz, a crucial transit point for global oil trade, created significant uncertainty in energy markets. The possibility of rising oil prices also brought global inflation expectations back to the forefront. Despite this, Bitcoin's price performance has shown remarkable resilience. Since the weekend when tensions between Israel and the US and Iran escalated, Bitcoin's downward movement has been limited to around $65,000. Analysts believe this could signal a shift in investors' perception of crypto assets.
According to some market observers, Bitcoin is beginning to exhibit "defensive asset" characteristics, albeit limited, during times of crisis. A daily market bulletin published by Tagus Capital stated that Bitcoin is a more resilient but still high-risk alternative compared to traditional safe havens.
Gold pulls back while Bitcoin takes the lead
Gold, which investors usually turn to during global crises, has retreated somewhat in recent days. After peaking above $5,400 at the beginning of the week, the price of gold per ounce fell to around $5,160. This shows that the classic safe haven perception in the markets can change from time to time. On the other hand, sales accelerated in Asian stock markets due to concerns about rising energy costs. While many Asian markets, including South Korea's Kospi index, declined, the crypto market saw a strong rise.
Technical Outlook: Is the Accumulation Process Ending?
Significant signals are emerging for Bitcoin on the technical analysis front. According to market data, the BTC price gained rapid momentum during Asian trading hours, surpassing critical technical levels. These include the 200-week exponential moving average and the 2021 all-time high of $69,000.
Some analysts believe that a long-running "accumulation process" in the market may be nearing its end. According to technical analyst Lars Kooistra, Bitcoin is currently at a critical decision point. If the price remains strongly above the upper limit of the current range, a new uptrend could begin. However, in the opposite scenario, i.e., if the resistance level is rejected, a deeper correction may be possible.
Other market commentators paint a more optimistic picture. Popular crypto analyst Moustache argues that Bitcoin has successfully retested its all-time high of 2021, and this could be the beginning of a new bull cycle. According to the analyst, in such a scenario, the altcoin market could follow Bitcoin and perform more strongly.
